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| ''Pensions - UK - contracting out - gender equality.''
| | Repurchase agreement. |
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| GMP is an abbreviation for Guaranteed Minimum Pension.
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| Historically, UK contracted-out pension schemes were required to provide a GMP.
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| Since 1997, a different test has applied, but schemes still have to provide a GMP for pension rights accrued before 1997.
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| In the past, retirement ages for women and men in the UK were different.
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| This resulted in unequal treatment of men and women in respect of their GMP entitlements.
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| GMP equalisation is the process of ensuring equality between women and men for these entitlements.
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| <span style="color:#4B0082">'''''Legal requirement to equalise GMPs'''''</span>
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| The legal requirement to equalise GMPs was uncertain until the judgment of the High Court in 2018 in the case of ''Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC and others''.
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| The court held that the pension trustee was “under a duty to amend the Schemes in order to equalise benefits for men and women so as to alter the result which is at present produced in relation to GMPs.”
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| == See also == | | == See also == |
| * [[Contracted out/in]] | | * [[Repo rate]] |
| * [[Gender pay gap]] | | * [[Repurchase agreement]] |
| * [[Government Equalities Office]] | | * [[Reverse repo rate]] |
| * [[Guaranteed minimum pension]] | | * [[ERC]] |
| * [[National Insurance]]
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| * [[Pension]]
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| * [[Trustee]]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Liquidity_management]] |
Revision as of 16:48, 14 May 2016
Repurchase agreement.
See also
